Fibonacci Retracements Analysis 18.03.2016 (EUR/USD, EUR/GBP)

Analysis for March 18th, 2016

EUR USD, “Euro vs US Dollar”

After all, Eurodollar was stopped by the group of local retracements, from which it rebounded yesterday. Consequently, the pair may start a new descending correction with the closest target at 1.1185.

At the H1 chart, the local target is at 1.1215. If the price breaks it, the pair will continue moving downwards. However, if the price rebounds upwards, the market may start a local ascending correction.

EUR GBP, “Euro vs Great Britain Pound”

After being stopped by the group of fibo-levels at 0.7890 – 0.7875, Europound has started falling. The closest target for bears is at 0.7725. If the market breaks it, the price will continue falling.

At the H1 chart, the closest targets are confirmed by local retracements. It’s highly likely that on Friday the market may continue moving downwards. Consequently, the price may reach a new local low.

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